Ten times in his Feb. 18 speech in Mesa, Ariz., unveiling his mortgage-relief plan, he invoked responsibility. He talked of "responsible" homeowners unable to refinance through no fault of their own, dishonest lenders who acted "irresponsibly," and a government taking "responsibility" for setting clear rules and enforcing them.

Politically, such talk helps to dampen the sky-high expectations that surrounded Mr. Obama's election. But his rhetoric has moved beyond political necessity.

At a time when most people yearn for a return to the 1990s or mid-2000s, Obama is outlining something quite different for the new economy.

In Mesa, he said: "If we move forward with purpose and resolve – with a deepened appreciation for how fundamental the American Dream is and how fragile it can be when we fail in our collective responsibilities [AARRGH, that word again!] – then I am confident we will overcome this crisis and once again secure that dream for ourselves and for generations to come."